2012 Budget summary and how it will affect you

1 min Read Published: 21 Mar 2012

The main points in today's Budget are summarised here, take a look and see how it will affect you.

Personal Taxation

  • Personal allowance to be raised to £9,205 in April 2013
  • Top rate of tax to be reduced from 50% to 45% from April 2013
  • 20m people to receive a new tax statement detailing how their tax is spent
Child benefit
  • Reduction in benefit to be phased starting at £50k of individual earnings and totally phased out at £60k
Duty
  • No extra duty on fuel
  • No major changes to VAT
  • 37p extra duty on a packet of cigarettes from 6pm tonight
  • New duty on gaming machines
Stamp Duty
  • Duty increased to 7% on properties worth £2m+
  • Properties purchased via a corporation will have new stamp duty rate of 15%
Pensions
  • Single tier pension for future pensioners of around £140 pw
  • State pension to increase by £5.30 pw from April 2013
Business taxation
  • Corporation tax to be cut 22% by 2014 with an immediate cut to 24%
  • Simpler tax return method for businesses under £75k turnover
Other
  • Extra £100m for military housing
  • Sunday trading laws to be relaxed for the Olympics